Payment of more than 20000
This query is : Resolved
27 July 2015
IS FIRM CAN GIVE AMOUNT MORE THAN 20000 IN CASH TO ITS PARTNER?
27 July 2015
No. It will be a violation of sec 269SS &269T
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27 July 2015
Is it make difference if amount is paid in partners current A/C??????
28 July 2015
Even in that case also.
The section specifically says that. I.e, repayment or acceptance of loans should be through account payee cheque/account payee DD/electronic mode only.
All other modes are violation.
The section specifically says that. I.e, repayment or acceptance of loans should be through account payee cheque/account payee DD/electronic mode only.
All other modes are violation.
28 July 2015
but payment was not related to loan ..it was just profit sharing to partner..then whether provisions of 20000 will apply or not?????
29 July 2015
No problem. Even then, it is not advisable. All those things are under litigation.
As a safe measure, pay it by account payee cheque/ Account payee DD or Electronic Mode.
As a safe measure, pay it by account payee cheque/ Account payee DD or Electronic Mode.
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